Reports: Symantec hiring JPMorgan, activists circling

|About: Symantec Corporation (SYMC)|By:, SA News Editor

JPMorgan will advise Symantec (SYMC +1.1%) on exploring strategic options and defending itself against would-be activist investors, sources tell Bloomberg.

Reuters is out with a similar report, but doesn't explicitly state which bank Symantec is hiring. It does, however, report major activist funds "have already started examining the company as a potential target."

Shares plunged to new 52-week lows two weeks ago after Symantec fired CEO Steve Bennett. Bennett moved aggressively to cut costs and streamline Symantec's enormous product line, but failed to invigorate growth and halt security/storage software share losses to rivals large and small.

Symantec has closed higher on a brutal day for tech stocks.